SoundHound AI, Inc. (NASDAQ:SOUN) COO Sells $514,809.90 in Stock

SoundHound AI, Inc. (NASDAQ:SOUN) COO Michael Zagorsek sold 52,001 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $514,809.90. Following the sale, the chief operating officer now owns 1,360,525 shares in the company, valued at approximately $13,469,197.50. The trade was a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

SoundHound AI Stock Down 8.0 %

SOUN stock opened at $9.38 on Thursday. SoundHound AI, Inc. has a one year low of $3.50 and a one year high of $24.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm’s fifty day moving average is $12.00 and its 200 day moving average is $10.52. The firm has a market cap of $3.74 billion, a PE ratio of -26.06 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Kieckhefer Group LLC acquired a new stake in SoundHound AI in the 4th quarter valued at $3,432,000. Charles Schwab Investment Management Inc. grew its position in shares of SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares during the period. Oriental Harbor Investment Fund purchased a new stake in shares of SoundHound AI during the fourth quarter worth about $8,964,000. Geode Capital Management LLC raised its position in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares during the last quarter. Finally, Wealth Effects LLC purchased a new position in SoundHound AI in the 4th quarter valued at about $357,000. 19.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SOUN shares. HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Northland Securities upped their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. DA Davidson raised their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Wedbush boosted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Company Profile

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.